Cirsa Enterprises (CIRSA) Q1 2026 earnings summary

Executive summary

• Net revenues reached €623 million in Q1 2026, up 8% year-on-year (+9.5% ex-FX), with EBITDA at €194 million, up 8.5% (+10.8% ex-FX), marking the 71st consecutive quarter of growth.

• Adjusted net profit rose 33% to €70 million, while reported net profit surged 58.9% to €44.6 million, driven by EBITDA growth and financial savings.

• Both retail and online segments contributed to strong performance, with retail as the main cash generator and online as the fastest-growing segment.

• Diversified business model and leadership in key markets underpin robust operational execution and growth momentum.

• The company remains on track to meet or exceed its high-end 2026 guidance.

Financial highlights

• EBITDA margin sustained above 31%, with Slots Spain exceeding 50%.

• Free operating cash flow reported at €61 million, temporarily impacted by a one-off working capital effect; underlying recurring cash flow stable at €100 million.

• Financial expenses reduced by €18 million in the quarter and over €60 million year-over-year.

• €75 million in dividends paid in May 2026, reflecting strong cash generation.

• Debt reduced by €589 million since January 2025.

Outlook and guidance

• On track to meet or exceed high-end 2026 guidance: net revenues €2,500–2,560 million (+7–9.5%), EBITDA €800–820 million (+6–9%).

• Q2 2026 is showing similar positive trends as Q1, supporting a stable growth profile.

• Further M&A activity expected to drive additional EBITDA growth above 10% annually.

• Online margins expected to recover post-Peru tax impact, targeting 20–25% mid-term.

• Over €200 million planned for organic growth and operational improvement in 2026, with total investments exceeding €350 million including acquisitions.